As a marketer and seller, please realise the difference in selling value rather than price.
If you are selling a value based product against a price based product, trying to compete on price is a recipe for an unfulfilling sales career.
People who make purchasing decisions primarily on price will encourage a bidding situation.
The typical Nigerian seller who are also called Marketers hardly ever practice value selling. They embark on the journey of only meeting their sales target. Thus encouraging a bidding situation among competitors.
Sellers guilty of this include: bankers, real estate agents, hotel sales people, payment businesses, rent money, loan money, digital marketers, all sorts, etc.
Most of the time they just try to sell without actually getting to even understand the prospect’s pain points.
Sometimes you don’t blame these people because they have unbelievable targets from their bosses. Those bosses have ridiculous targets from their own bosses and the list goes on.
If you know the details of the extent these sales people aka ‘marketers’ have to go through to meet their targets, you just pity them.
In our line of business, we speak mainly with high net worth individuals, CEOs, entrepreneurs and decision makers.
We have no choice but to do things differently if we want to meet our own targets. It takes us a while to turn our prospects into clients and this is because we sell our clients the solutions to their problems spot on.
We never sell on price or payment plans. We simply do not believe in it. So our targeting is normally spot on. Because we need to know that every time we spend with a prospect is not lost time but gain.
However, because we understand our market we have long term clients that ease our stress of not making money within the first months of dealing with them when they were our prospects.
Dealing with High Net worth Individuals
Having a conversation with another High Net worth person at 4 seasons hotel in Oniru a month ago, I noticed yet again the same sophistication and strategic process on spending investments.
They know that they could lose some or all of their investment; it comes with the territory. What worries them more is people trying to take advantage of them and their wealth.
Put in another way, sophisticated wealthy people are far less worried about losing money honestly, as when an investment is done in good faith but just doesn’t work out as planned, as they are about losing money dishonestly.
They may not like losing money in a bad investment, but what they really hate is losing their money to thieves and con-artists.
This leaves the honest-but-inexperienced person in a relatively good position. Many wealthy people will invest with relatively untested entrepreneurs if they feel they can trust them.
So, how do you get wealthy people to trust you?
Sell Value and Not Price
The answer here is simple: good, old-fashioned relationship-building.
If you know wealthy people already, you are a step ahead of the game, but if you have a chance to meet very wealthy people, focus on how you can build a relationship.
And, as with anyone else, the best way to build relationships is by helping other people with things that matter to them, without looking for anything in return. Build goodwill. Build good karma. Most importantly, build trust.
Build goodwill. Build good karma. Most importantly, build trust!
Obviously, this takes time.
Occasionally you get lucky with someone who trusts you right away and just happens to be looking to do business deals.
But, in most cases, you need to put in the hard work of building trust over time, by building a relationship based on what value you can give.
Never, ever sell them on your deals. Do, however, talk to them about your business as casual conversation. It will sink in over time.
And, perhaps they may be interested in potentially investing with you from the day you met.
They might want to get to know you to see if you really are as trustworthy as you first appeared to be.
Never, ever sell them on your deals
The great thing about trust is that it is transferable from one activity to another.
If you show someone that you are trustworthy by, say, being the volunteer who always shows up.
Or by executing a leadership role in an organization very well, then that trust will spill over into your other activities.
If you slowly demonstrate trustworthiness over time in another activity, and also tell people about your deals in an indirect, non-salesy way, the trust you build up in other activities will get transferred to your business.
People will begin to ask you how they can get in on your deals. (Doing successful deals is also an important piece of this puzzle.)
The bad thing about trust is that once you lose it, it’s very, very difficult to get it back.
That is why it is especially important to keep your word, follow through, and execute.
Overtly selling people who have not indicated an interest to you is another way to lose trust.
It can be frustratingly slow. If you trust that the process of trust-building works and invest the time, it will greatly benefit you in the long run.
So, to sum up, if you want wealthy investors, build relationships with them by providing value first. Then gain trust by demonstrating trustworthiness in other areas. Also never, ever sell them on deals unless they show a clear interest in being sold.
If you follow these steps, you’ll realize that very wealthy people are not intimidating.
Most High Net-worth Individuals like to be treated like other people and not like a big dollar sign.